Home Mortgages And Land Taxes After Bankruptcy In Tennessee

Your home is not only a vital necessity but frequently the most valuable property you own. So keeping a home for your family is probably more important than anything else, and the bankruptcy laws can make this possible.

Protecting Your Home – Stop Foreclosures

We frequently see clients with homes that are in foreclosure, with sale dates around the corner, and who have mortgage arrearages far in excess of their ability to catch up. If you are faced with such a situation, help is available.

Don’t take on your creditors alone!

Call or email the Counce Law Firm at 901-201-6012.
Free confidential consultation with a lawyer, not a paralegal.
We take the time to understand your needs and answer all of your questions. While we want to solve your problem quickly, it’s important that you are comfortable with the process, and understand how it will impact you. These thoughtful conversations enable us to ensure the best possible outcomes.

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Using Chapter 13 To Save Your Home

The foreclosure process must stop when you first file a bankruptcy case to give you a chance to catch up on the arrearage and save your home. Chapter 13 plans typically pay the mortgage arrearages over 60 months, making saving the home affordable and possible.

Chapter 13 bankruptcy can prevent and stop a foreclosure up until the sale on the courthouse steps. It is better to file Chapter 13 before the foreclosure process starts because it saves you the attorney fees and costs charged by your lender. Therefore, it is important to contact us as soon as you find yourself in trouble.

Lien Stripping

Chapter 13 bankruptcy may allow you to strip off a second mortgage where the value of the home is less than the balance of the first mortgage. We can file an adversary proceeding on your behalf to obtain a court order removing these mortgage liens.

Preventing Tax Sales

If you are past due on your property taxes or facing a tax sale, Chapter 13 can help you save your home and stop the tax sale. Like mortgage arrearages, these land taxes are typically paid over a period of 60 months, making saving your home affordable and possible.

Foreclosure Rescue Scam – Caution

If you are in danger of foreclosure, avoid any companies that require a fee in advance, or that tell you to stop talking to your mortgage company, or make promises to find mistakes in your loan documents that will force your lender to cancel your loan, or advise you to stop paying your monthly mortgage payment. These are tell-tale signs of a scam by one of the so-called “foreclosure rescue companies” that claim they can save your home, but they can’t — and are out for a fast buck.

Other Options

Sometimes we see clients who do not want to keep their home because the neighborhood has changed, more is owed on the first mortgage than the house is worth, or the monthly mortgage payment is too high. Help is available in this situation, too.

If you’re not able to keep your home, or if you don’t want to keep it, consider selling your home or explore a short sale or deed in lieu of foreclosure. The bankruptcy process can delay the foreclosure to give you time to explore these options.

Delaying a foreclosure could give you a chance to sell your property and recover your equity. One benefit is that a foreclosure would not be reported on your credit report. Another benefit is you have some control over the sale price allowing you to recover your equity and avoid a deficiency that you would have to pay after a foreclosure.

The mortgage company may agree to allow you to sell the home before it forecloses, and agree to forgive the shortfall between the sale price and the mortgage balance. This approach avoids a damaging foreclosure entry on your credit report.

Another possibility is to voluntarily transfer your property to the mortgage company in exchange for cancellation of the remainder of your debt through a process known as a deed in lieu of foreclosure. A deed in lieu of foreclosure can also be less damaging to your credit than a foreclosure.

Using Chapter 7

The automatic stay will stop a foreclosure and give you some breathing room when you first file a Chapter 7 case. This time can be used to explore all of your options to determine what is best in your particular situation or possibly recover your homestead exemption.

Chapter 7 bankruptcy can also allow you to eliminate the mortgage when you want to walk away from the property.

Contact Us Today

Call now to learn about what options are available to you in your particular financial situation. Contact our law firm today online or call 901-201-6012 to schedule a FREE CONFIDENTIAL CONSULTATION.

Unlike many firms you will always discuss your financial situation with an attorney, not a paralegal or assistant.

We are a Title 11 Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code. This ad does not create an attorney-client relationship until a written agreement is signed.